Estate Planning: Dos and Don’ts

Estate Planning: Dos and…

The need for future planning confronts all of us at one point or another, and future planning includes estate planning. While you may not wish to think about topics like incapacity and death, they are both a part of life for everyone. Careful planning can make it much easier on your surviving family members, as well as carry out your objectives in terms of your assets. No matter what your situation may be, you need to be aware of some basic dos and don’ts when it comes to estate planning.

DO Create an Estate Plan

It doesn’t matter if you are single or married, rich or poor, or have children or not. You still need an estate plan. Otherwise, the distribution of whatever assets you own will be determined by a judge in probate court according to state law. Even if you have only a few valuable items or one bank account, it is worth taking the time to create even the simplest of estate plans. Taking this step avoids putting your family members through the time and expense of probate proceedings, and to ensure that your possessions are distributed according to your wishes.

DON’T Create an Estate Plan and Never Look at It Again

As the years go by and you experience many life changes, your estate planning needs may change. Marriage, divorce, estrangement from family, childbirth, and adoption are all major life events that may make you want to review your estate plan. For instance, as a single young adult, you may have listed a parent as the heir and/or executor of your estate. Once you have married, however, you normally would turn these roles over to your spouse. Similarly, once you have children, you’ll want to designate a guardian for your children in your will. Plus, if you divorce, or your spouse predeceases you, you likely will want to choose a replacement for any roles that your ex-spouse or deceased spouse played in your estate plan.

DO Make Essential Healthcare Decisions

While you still may be young and in good health, unexpected tragedies do occur, regardless of your age or health. For this reason, executing legal documents that go into effect if you become incapacitated is essential. You can choose who has authority to consent to treatment and make medical decisions on your behalf through a Patient Advocate Designation or a Durable Power of Attorney for Healthcare. You also can execute a Do-Not-Resuscitate (DNR) Order, which indicates to your healthcare provider that you do not wish to receive CPR in emergency medical situations

No matter what type of estate planning tool interests your or fits your needs, we are here to help you explore your options and make the decisions that best meet your objectives. At Legacy Law Center, our goal is to ensure that you have an effective estate plan in place to meet your loved ones’ needs and safeguard all of your assets. We have the skills and knowledge that you need to make the decisions about estate planning for your loved ones. Call your Michigan estate planning attorneys at (734) 995-2383 and schedule an immediate appointment.